How Finance Executives Earned Supporting Roles in Innovation
It’s now part of the CFO’s responsibilities to monitor and assess the state of the company’s innovation efforts, making sure that it can access the resources it needs, whether in-house or through a strategic partnership. In an atmosphere that requires a creative mindset throughout the business, CFOs need to help scrutinize ideas, looking for the most valuable and potentially profitable nuggets. The CFO’s rapidly emerging role in corporate innovation is revealed in a new survey conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert. The study, based on data from 161 finance executives at middle-market companies (defined as. Read More.
Episode 1: Manufacturing and Production Engineering Costs vs. Independent Research & Development Costs
For companies that incur manufacturing, production line, engineering or product development costs, determining the true nature of the cost can be difficult. The Federal Acquisition Regulation (“FAR”) points us to FAR 31.205-25 — Manufacturing and Production Engineering Cost, to help companies determine if the cost incurred should be considered a manufacturing and production engineering cost. However, the issue companies have is where one draws the line if the costs should actually be considered independent research & development (“IR&D”). Determining if the costs falls under FAR 31.205-25 or meets the definition of FAR 31.205-18 and is considered IR&D doesn’t just impact. Read More.
Topics: DCAA Contract Audit Manual, Defense Acquisition Regulations System, Defense Contract Audit Agency "DCAA", Federal Acquisition Regulation "FAR", Independent Research and Development "IR&D", Manufacturing and Production Engineering Costs
Survey of Finance Executives: Innovation, too, Takes a Village
On their way to earning the label of “disruptive,” breakthrough innovations may look like they lack the potential to earn big profits. But what’s critical, say finance executives at middle-market companies, is to start with, and follow, customer needs. Such insights are among the revelations contained in a recent survey conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert. The study, which is based on data from 161 finance executives at companies with revenues of up to $1 billion, found that even with the ascendancy of Big Data, half of respondents believe that developing new products and services. Read More.
Finance Executives Calculate the Value of Innovation
Nowadays when finance executives at middle-market companies talk about the necessity of the business moving “beyond traditional boundaries” and “being bold,” they aren’t referring to expanding its geographical reach. In fact, those comments are part of a new survey exploring how middle-market finance leaders view innovation. Conducted by CFO Research, in collaboration with CPA firm Cherry Bekaert, the online survey collected data from 161 finance executives at companies with revenues of up to $1 billion. In both their written comments as well as their answers to fixed-choice questions, the finance leaders not only affirmed the necessity of ongoing innovation, but. Read More.
Working Drafts Offer Revenue Recognition Guidance for Telecommunications Suppliers
Revenue recognition implementation guidance could be on the way for telecommunications providers. Last week, the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee issued two working drafts offering industry-specific guidance for adopting the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Proposed Issue #15-1– Portfolio Accounting, proposes that a telecommunications supplier can use the portfolio accounting shortcut when a large disparity does not exist when accounting for contracts jointly rather than individually. The draft guidance advises what suppliers should consider when deciding whether to use the portfolio approach. The second working draft,. Read More.
Chris Rux Discusses Cherry Bekaert’s Innovation Fund
In an August 31 article for Tampa Bay Business Journal, Cherry Bekaert’s Chris Rux helped promote the launch of Cherry Bekaert’s Innovation Fund . The article, “Tampa Accounting Firm Pays Up for Outside-the-Box Ideas,” highlights how the fund is designed to generate ideas and provide solutions for the benefit of the Firm’s clients. The concept behind the Innovation Fund originated from the leadership group of Cherry Bekaert’s THInc practice, for which Rux serves as the leader for central Florida. The goal of Cherry Bekaert’s Innovation fund is to encourage associates to present ideas that are original and outside the box. In the article, he is quoted as saying, “We as. Read More.